GFX Morning FX Commentary

Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar is 1.0280-1.0340

Today's expected range for the Canadian Dollar against the Euro is 1.3680-1.3750

Today's expected range for the Canadian Dollar against Sterling is 1.5930-1.6000

The US Dollar is marginally stronger to start the new trading week as poorer than expected growth numbers out of Japan have pushed the US Dollar higher and weakened the Yen and other currencies, the Greenback was able to move a bit higher against the Euro and Sterling but for the most part the currency markets were quiet in overnight markets. In Japan the economic growth levels that the Bank of Japan was looking for has not yet materialized so the question now is will Japan increase the stimulus they are pouring into the market?

The Canadian Dollar also had a quiet night as it for the most part hung onto the levels that we saw on Friday afternoon after the jobs report. Right after the announcement the Loonie lost 0.5% but USD.CAD spent the afternoon slowing recovering with USD.CAD moving lower. I was a bit surprised at this trading pattern as I think we continue to be able to make more of an argument for a weaker Loonie rather than a stronger on, we do get a slew of US economic data this week so as the week moves along we may get a better sense of direction.

Up today with no economic news to be released we should be in for a quiet session, I look for USD.CAD to slowly move back higher and retest the highs from Friday after the jobs report was released.

Have a great day
Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0306			1.0301
CAD/USD		0.9703			0.9708
EUR/USD		1.3295			1.3374
EUR/CAD		1.3704			1.3778
STG/CAD		1.5955			1.6
AUD/CAD		0.9439			0.9428
CAD/JPY		93.81			93.66
CAD/CHF		0.8992			0.8933
CAD/HKD		7.5053			7.5074
CAD/CNY		5.9369			5.9396
CAD/MXN		12.2747			12.2205
Commodities
Gold		$1,325.00			$1,311.00
OIL		$106.24			$104.56
US DOLLAR INDEX
P.CLOSE		81.17			81.08
OPEN		81.43			81.06
US 10YR YIELD		2.58%			2.59%